At what point should I sell back my car?

@writersedge (22579)
United States
November 12, 2008 8:42pm CST
My hours have been cut to 10 a week. I will be making about $5,280 next year. My car payments, maintenance, misc. fees will be $5,243.20 plus who knows what the price of gas will be? $278.60 per month is just car payments. If I don't get a real jobs soon, it will not pay me to keep this one. My husband can bring me to work with his truck. He won't like it. He works Mon.-Fri. and I work Sat. and Sun. He's like a day to sleep in. I don't blame him. He also likes a day to volunteer. If I sell my car back to the dealer, I probably won't get any money extra, they'll probably just take over payments if my car hasn't depreciated too much. I can't pay my bills as it is and loosing more hours per week was not what I needed. I only have $850 in savings left and that will take me about 1 1/2 months to go through at this rate. That's down from $20 thousand dollars I had to start with 10 years ago. Sounds like a lot, but I've used about $2 thousand a year, on average, from not having enough money to live on. No job has equaled as much as the one I had in 1998. I have down-sized and my husband has gotten rid of as many bills as we both can. Now it's food, shelter, clothing, communication (phone, computer), and transportation is about all we have left and we're trying to find ways to cut back on them. I don't see any way around selling my car. But if I sell it and get a job that I need a car for because the bus doesn't run the right hours to keep more than a 3 or 4 hour job in the city and doesn't go to most country destinations in a way that would work for me, then I may loose out on a job. Wish me luck, I'm going to be on Mylot less and redoubling my efforts to find a job. I have to make $1,500 a month to break even. No car would cut that by $300 a month. Still need $1,200 without a car and I'm only making $440 a month now. So $760 short even then. I have to make at least three resumes, specific to three different kinds of positions tomorrow. Wish me luck.
3 responses
@GardenGerty (103874)
• United States
13 Nov 08
I am wishing you all the luck I can. I would sell the car, but that is me. I have not had any kind of a car that I had to make payments on for years, thirteen years to be exact. I drive clunkers for the most part, but they run, and get me there. If there was a way you could sell the car back and find something for a little bit of cash, you would still have a car. It does sound pretty grim right now.
@writersedge (22579)
• United States
13 Nov 08
I've had clunkers. 25 miles to work, they usually break down on the way there or the way back. This car didn't cost that much, any cheaper and I'd be stuck in snowdrifts for sure. This was second hand and the cheapest, but still get me there, I could do. Little bit of cash, I don't have that right now. It's either car or no car. I am going to PM you about something.
@ElicBxn (60894)
• United States
13 Nov 08
Best 'o luck! I would love to make more, but so long as I need to have time free for mom, I can't work a full time job and I like the flexablity of working for my friend, Maggiepie, who understands if I have to shift my time around for mom, doctor's appointments, etc.
1 person likes this
@writersedge (22579)
• United States
13 Nov 08
Thanks for the good luck. Great that your friend is understanding. I went to see my Mom every night after work when she was in the hospital, it was a lot to do that all the time. Thanks and take care.
2 people like this
@PearlGrace (3172)
• United States
19 Nov 08
Hi writersedge. I am a week or more behind on my myLotting and I sure am sorry to hear about your money troubles. I have been hearing alot about that lately from different people. I hope your situation has changed for the better in the last week. I would be hesitant to sell my car. I guess that's because it's hard to find a good car and how can you find a good job if you don't have a good car? Hmm, it does seem you have been trying awfully hard to get a job though. I wish you the BEST of luck in completing your resumes. I'm sure you've done that by now. Hang in there, writersedge!
@writersedge (22579)
• United States
19 Nov 08
Yes, you're correct. With no decent public transportation where I live, I need a car to get a job. But if I can't get a job, this thing is turning into a serious money pit. Thanks, I appreciate that you realize I am trying hard. I just got rejecting for one job before I even applied for it! My name and address are on a list and I had previously applied to them. So I went to send an updated resume and the rejection came in the mail. I'm getting rejected before I even apply. I'm getting very discouraged and now my hands.